French and German engineering giants Alstom and Siemens announced Wednesday, December 12, they had offered EU regulators concessions they believed would meet concerns over the planned merger of their railway businesses, reported Reuters.
Germany’s Siemens and France’s Alstom agreed last year to merge their rail operations, creating a company with €15 billion (US$17 billion) in revenue and a workforce of 62,000, but regulators raised concerns over the deal.
“The proposed remedies include mainly signaling activities as well as rolling stock products and represent around four percent of the sales of the combined entity,” Siemens and Alstom stated in a brief joint statement on Wednesday.
“The parties consider that the proposed remedy package is appropriate and adequate. There is, however, no certainty that the content of this package will be sufficient to alleviate the concerns of the Commission. A decision by the Commission is expected by February 18, 2019,” they added.
Full Content: Reuters
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